Green Packet proposes private placement to fund cloud business

KUALA LUMPUR: Green Packet Bhd has proposed a private share placement exercise to fund its cloud business.

The company, in a statement today said, the share placement exercise would raise up to RM98.9mil, based on the theoretical issue price of 52 sen a share.

From the proceeds of the proposed fund raising, up to RM96.2mil has been allocated for purchase of IT infrastructure and RM2.5mil for working capital.

"The strong interest in our previous private placement shows shareholders' confidence in Green Packet," chief executive officer and managing director CC Puan said.

"With the substantial amount raised via the private placement, we are able to offer better and comprehensive solutions to our customers and strengthen our digital segment which meets Green Packet's investment strategy," he said.

Green Packet is planning to issue up to 120.2 million new shares, or 10% of its outstanding issued share capital.

The new shares would be placed out to independent third party investors to be identified later at an issue price to be determined.

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